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Abu Dhabi: Anglo-American industrial process control automation company Invensys aims to execute contracts worth $1 billion in the Gulf in five years, its vice-president and managing director for the Middle East said.
"We are executing contracts worth about $505 million in Saudi Arabia, the UAE, Qatar, Kuwait and Oman now. We are looking to double that figure by 2013," Nabeel Kassem told Gulf News.
He said in the GCC, the company had projects worth $260 million under execution in 2005. "The GCC business contributes about 25 per cent to Invensys' global business volume," Kassem said.
He said Invensys had invested $80 million in the UAE between 2005 and 2007. The investments have primarily gone into building an engineering centre along with assembly of control systems at Jebel Ali and service and training centres in Abu Dhabi.
Automation
"Invensys is a mixture of hardware and software technologies that enable our customers to automate the operation in the industrial plants such as refineries, petrochemical plants, oil and gas fields, power plants and water desalination," he said.
"Our business plan is to increase our presence across the Middle East region, solidify our presence in the UAE by building support facilities close to the operations of our customers like in Ruwais and Habshan," said Kassem.
Kassem said 24 per cent of Invensys' 262 employees in GCC countries are GCC nationals. It has 170 employees in the UAE.
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